Home sales plunge 52% week over week. What happened to the Spring Texas real estate market? Has the market crashed? It’s ok. The market hasn’t crashed. Last week was a holiday week and fewer working days resulted in fewer home sales.
New listings dropped 41%. Seasonality which has been missing from the Spring Texas real estate market for the last 2 years has returned. Higher mortgage interest rates has reduced demand and market seasonality is back.
Even with the drop in new listings, total listing count is only down a mere 2%. Months of inventory remains stagnant at 1.8 months. Six months is a balanced market. Less than six months of inventory is a sellers market. Buyers have more negotiating power than they have in years, but the sellers are still in control of the market.
If you’ve been waiting for a deal, now is the time to be in the market. November, December, and January are the slowest months for home sales in Spring Texas. Sellers who have their house on the market during the holiday season have a desire and a defined time frame to sell.
Questions about the Spring Texas real estate market or what’s happening in your neighborhood? Reach out to Jill Wente, Spring Texas Realtor
Market stats are from the Houston Association of Realtors for the week of November 22 – November 28, 2022 for single family homes in Spring Texas.
